Browsed by
Tag: talks

USOPC sues insurance carriers as Larry Nassar settlement talks stall

USOPC sues insurance carriers as Larry Nassar settlement talks stall

CLOSE

The U.S. Olympic and Paralympic Committee is suing its insurance carriers in an effort to reach a settlement with Larry Nassar survivors, its chair said Friday.

Despite being in mediation for almost a year and a half, the USOPC and USA Gymnastics have been unable to come to an agreement with the survivors. USOPC board chair Susanne Lyons placed the blame on the organization’s insurance carriers, saying they have “not lived up to their contractual obligations.”

“This lawsuit seeks to have a court resolve the issues related to the insurers’ obligations, as part of our efforts to achieve a fair resolution for the victims and survivors,” Lyons said.

“We feel additional work needs to be done to get to a place of settlement,” she added.

Attempts by USA TODAY Sports to obtain a copy of the lawsuit, filed in Colorado state court in Denver on Thursday, were not immediately successful. Colorado state court does not maintain online records for civil lawsuits, and a court spokesman did not return multiple messages Friday from USA TODAY Sports.  

Olympic champions Simone Biles and Aly Raisman are among more than 500 girls and young women who have sued USA Gymnastics and the USOPC, saying they were sexually abused by Nassar, their coach or someone else affiliated with the sport. The lawsuits were put on hold when USA Gymnastics filed for bankruptcy in December 2018, and the federation must reach a settlement with survivors as part of its plan to emerge from the proceedings.

If it doesn’t, the bankruptcy case could be dismissed and the lawsuits would resume.

U.S. Bankruptcy Judge Robyn Moberly ordered a settlement conference after USA Gymnastics and the survivors, later joined by the USOPC, filed a joint motion Aug. 20 accusing the insurance carriers of stalling negotiations “for their own

Read the rest
Economic relief talks are back on, Trump asserts, two days after he cut them off

Economic relief talks are back on, Trump asserts, two days after he cut them off

He said he believes Pelosi “wants it to happen, because it’s so good for our country, we really need it.”

Pelosi and Treasury Secretary Steven Mnuchin have begun negotiating over a bill to rescue airlines, with United and American furloughing more than 30,000 workers after federal payroll support measures expired last week.

Pelosi has not indicated publicly that other issues beyond airline aid are on the table right now, after Trump pulled the plug Tuesday on talks on a comprehensive relief bill with a pricetag between $1.6 trillion and $2.2 trillion.

But Trump said Thursday that other issues were also being discussed, including a new round of $1,200 stimulus checks. The labor market remains weak, with another 840,000 Americans filing for unemployment claims last week, more than six months after the coronavirus pandemic began in the United States.

“We’re talking about airlines and we’re talking about a bigger deal than airlines. We’re talking about a deal with $1,200 per person, we’re talking about other things,” Trump said. “But it’s not anybody’s fault, they were trying to get things, and we were trying to get things and it wasn’t going anywhere, I shut it down. I don’t want to play games. And then we reopened, and I see the markets are doing well but I think we have a really good chance of doing something.”

It remains highly uncertain that any deal can be reached, on airlines or anything else. Talks have been on again and off again for months, but ultimately Congress and the administration have been unable to strike a deal since the spring when they passed around $3 trillion in aid.

Multiple programs approved at that time have since expired, including enhanced unemployment insurance for individuals. It’s not clear whether congressional Democrats would be willing to support a

Read the rest
Failed U.S. stimulus talks could threaten economic recovery

Failed U.S. stimulus talks could threaten economic recovery

WASHINGTON (Reuters) – The White House’s sudden exit from fiscal stimulus talks with Democrats in Congress has added another level of doubt to a U.S. economic recovery that already seemed to be weakening, choking off perhaps $1.5 trillion or more in future income and spending.

FILE PHOTO: President Donald Trump pulls off his protective face mask as he poses atop the Truman Balcony of the White House after returning from being hospitalized at Walter Reed Medical Center, October 5, 2020. REUTERS/Erin Scott/File Photo

Even the most bullish policymakers and forecasters had penciled in more government aid to keep households and businesses hit by the coronavirus pandemic afloat through the end of the year. That money would bolster retail spending, rent payments and mortgages and whittle away at the 11 million lost jobs that have not yet been recouped.

Without it, the United States faces another roughly 5% hole in annual economic output.

Still, those assumptions evaporated on Tuesday after President Donald Trump announced his administration was ending the stimulus talks with U.S. House of Representatives Speaker Nancy Pelosi, with the two sides divided over whether to dribble out aid to specific sectors like airlines, or build a more comprehensive package to nurse the economy closer to the day when a coronavirus vaccine might be widely deployed.

U.S. stock markets fell sharply after the announcement, though Trump, a Republican who is seeking reelection in a Nov. 3 vote, later pulled back, saying he would support a few stand-alone bills. Wall Street’s main indexes clawed back the bulk of the losses on Wednesday.

“We’re still willing to be engaged, but I’m not optimistic for a comprehensive deal. I am optimistic that there’s about 10 things that we can do on a piecemeal basis if the speaker is

Read the rest
Jerome Powell, Fed Chair, Says Economy Has ‘a Long Way to Go’ as Trump Calls Off Stimulus Talks

Jerome Powell, Fed Chair, Says Economy Has ‘a Long Way to Go’ as Trump Calls Off Stimulus Talks

In deciding to forgo any more immediate relief, the president could be setting the economy up for the type of painful outcome that Mr. Powell warned of on Tuesday. The Fed chair, who has increasingly called for more government help, said policymakers should err on the side of injecting too much money into the economy rather than too little given how much work remains.

“Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Mr. Powell said in remarks before the National Association for Business Economics.

“Over time, household insolvencies and business bankruptcies would rise, harming the productive capacity of the economy and holding back wage growth,” he said. “By contrast, the risks of overdoing it seem, for now, to be smaller.”

In multiple tweets later Tuesday night, Mr. Trump appeared to backtrack his assertion that an agreement would wait until after Nov. 3, at one point urging both chambers to “IMMEDIATELY Approve” reviving a lapsed loan program for small businesses, funds to prevent airlines from furloughing or laying off workers and another round of stimulus checks. It remained unclear if his tweets, which came after stocks plummeted, reflected a willingness to restart negotiations with Ms. Pelosi. Both provisions have bipartisan support, but several lawmakers have pushed for them to be included in a broader package.

Nearly seven months into the pandemic, millions of Americans remain unemployed as the coronavirus keeps many service industries operating below capacity. The unemployment rate has fallen more rapidly than many economists expected, dropping to 7.9 percent in September, and consumer spending is holding up. But the economy’s resilience owes substantially to strong government assistance that has been provided to households and businesses.

That included direct payments to families, forgivable loans to small businesses and an extra $600 per

Read the rest
‘A Republican Party unraveling’: GOP plunged into crisis as Trump abruptly ends economic relief talks, dismisses virus

‘A Republican Party unraveling’: GOP plunged into crisis as Trump abruptly ends economic relief talks, dismisses virus

For some Republicans, the 11th-hour repositioning may not be enough to stave off defeat. But the criticism, however muted, illuminates the extent of the crisis inside a party that is growing alarmed about its political fate and confused by Trump’s tweets and decision-making.

“It’s a Republican Party unraveling,” presidential historian Douglas Brinkley said. “They’re seeking to rid themselves of Trump at this juncture but realize they can’t quite yet. But they know his name is no longer kinetic on the campaign trail.”

GOP strategists said on Wednesday that the angst in the party could exacerbate in the coming weeks if stock markets are throttled by Trump cutting off talks with House Speaker Nancy Pelosi (D-Calif.) on a broader stimulus bill and if the pandemic’s toll worsens as temperatures drop across the nation and people move indoors.

Underscoring Trump’s unpredictability was the White House’s overtures to Pelosi Wednesday for a deal to rescue the airline industry.

“There are cracks and fissures all over the ice,” said Republican consultant Rick Tyler, a Trump critic. “The president spent months ignoring the virus and talking about the economy coming back. But when the president catches the virus and the economy doesn’t come back, what do you do? You try to survive.”

One senior GOP official close to Trump, who spoke on the condition of anonymity to speak candidly, compared this crossroads to when the “Access Hollywood” story broke in October 2016 and many Republicans distanced themselves from Trump, who on tape had bragged in vulgar terms about groping women.

“The situation is getting worse and worse,” the senior official said. “This is like ‘Access Hollywood’ because we’re all seeing terrible poll numbers. We didn’t think it’d be this bad at this point. Everyone is wondering where the bottom is, and they’re figuring out what

Read the rest